Business is Bright in the Sunshine City
By Sarah Michael
SEPTEMBER / OCTOBER 2023
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St . Petersburg is known as the Sunshine City , and it ’ s not just the temperatures that are hot lately . The economy has endured a heatwave and doesn ’ t show signs of cooling down anytime soon .
In the last twelve months , Pinellas County has added 22,000 + jobs , with an annual growth rate of 4.4 % and unemployment down to 2.7 %. To put it in perspective , on average there are only 62 people looking for employment for every 100 open jobs , which is lower than the state average . 1
Employee satisfaction is an important issue for local employers to consider , especially in a vibrant city like St . Pete , due to more companies relocating and a variety of industries being established with increased job opportunities . As a result , employers are struggling to attract and retain employees . Employers are also struggling to provide the benefits and engagement employees need to feel fulfilled and appreciated .
The St . Petersburg Area Chamber of Commerce ( Chamber ) has a vested interest in the desires and expectations of employees in St . Pete , seeking to understand the key factors that drive their motivation , engagement , and overall contentment within the workplace . According to Chamber President Chris Steinocher , “ St . Petersburg is a business and entrepreneurial catalyst in the state of Florida and has become much more competitive over the last few years . Our community is on fire !”
In the first half of 2023 alone , the Chamber hosted more than 40 ribbon cutting celebrations for local businesses . These ribbon cuttings not only bring new businesses to the community , but new jobs , new relationships , new stakeholders and new ideas that will collectively drive St . Pete towards a prosperous future .
The Pinellas County economic development department reported an influx of over $ 52 million in capital investments in 2022 . The top three industries with the highest employment in Pinellas County are trade , transportation , and utilities , followed by financial activities , and health services . 2
The manufacturing base and tech sector also thrived while the region reached record-breaking low unemployment rates . The low unemployment rate along with the high number of open jobs place demands on employers to consider the changing needs of potential workers .
Because of the city ’ s rapid economic and business development , business owners are smart to take employee requests into careful consideration . Through national and local surveys , it has been observed that :
• 92 % of workers nationally wish to work for an organization that not only values their emotional and psychological wellbeing , but also provides ample support for employee mental health such as paid time off and other healthcare benefits . 3
• 95 % of workers nationally stress the need to feel respected personally at work by employers and other staff , in addition to working for an organization which respects the boundaries between their work and nonwork time .
• 41 % of workers are looking for more benefits such as mental health care and increased paid time off . 4
• 36 % of employees indicate that they value their workplace culture more than they did before the pandemic . 4
• Employees have an overwhelming desire for flexibility and stability in their work schedule and location . Among those who switched to remote work during the Covid-19 pandemic , 78 % expressed that they would like to continue hybrid work even two years after the pandemic . 5
Housing costs and proximity have also been pressing issues to the regional business community , and the Chamber has created recommendations for local elected officials to help offer relief to employers and employees . Recent state legislation as well as existing local ordinances can help expedite attainable housing development , but creative problem solving by employers can contribute to the issue as well .